Needham & Company LLC Forecasts Strong Price Appreciation for Silicon Motion Technology (NASDAQ:SIMO) Stock

Key Points

• Silicon Motion Technology's price target has been raised to $90.00 by Needham & Company, indicating a potential upside of 17.59% from its current price.
• Multiple research firms including Susquehanna and Bank of America have confirmed a target price of $90.00 and maintained a "buy" rating on the stock, highlighting increasing analyst confidence.
• In its latest quarterly earnings, Silicon Motion reported an EPS of $0.69, exceeding estimates and indicating strong revenue performance at $198.68 million, despite a year-over-year revenue decline.

Silicon Motion Technology (NASDAQ:SIMO - Free Report) had its price objective lifted by Needham & Company LLC from $65.00 to $90.00 in a report published on Thursday,Benzinga reports. Needham & Company LLC currently has a buy rating on the semiconductor producer's stock.

Several other equities analysts have also recently weighed in on the stock. Roth Capital raised their price target on shares of Silicon Motion Technology from $70.00 to $90.00 and gave the stock a "buy" rating in a research note on Tuesday, June 17th. Bank of America raised Silicon Motion Technology from a "neutral" rating to a "buy" rating and set a $90.00 price target for the company in a report on Wednesday, June 18th. Citigroup upgraded shares of Silicon Motion Technology to a "buy" rating in a research report on Wednesday, June 18th. B. Riley reaffirmed a "buy" rating and issued a $90.00 price target (up previously from $75.00) on shares of Silicon Motion Technology in a research note on Thursday, June 5th. Finally, Craig Hallum boosted their price target on Silicon Motion Technology from $70.00 to $100.00 and gave the company a "buy" rating in a research note on Thursday, July 31st. One analyst has rated the stock with a hold rating and ten have given a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average price target of $87.78.

Silicon Motion Technology Trading Down 2.2%

Shares of NASDAQ:SIMO traded down $1.69 during mid-day trading on Thursday, reaching $74.83. The stock had a trading volume of 315,726 shares, compared to its average volume of 444,491. The firm has a 50 day simple moving average of $70.87 and a two-hundred day simple moving average of $58.55. Silicon Motion Technology has a twelve month low of $37.21 and a twelve month high of $85.11. The firm has a market cap of $2.54 billion, a PE ratio of 31.57, a price-to-earnings-growth ratio of 3.64 and a beta of 0.92.

Silicon Motion Technology (NASDAQ:SIMO - Get Free Report) last posted its earnings results on Wednesday, July 30th. The semiconductor producer reported $0.69 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.54 by $0.15. Silicon Motion Technology had a return on equity of 10.14% and a net margin of 10.36%. The business had revenue of $198.68 million during the quarter, compared to analysts' expectations of $180.40 million. During the same period in the prior year, the business earned $0.96 EPS. Silicon Motion Technology's revenue for the quarter was down 5.7% compared to the same quarter last year. On average, equities analysts anticipate that Silicon Motion Technology will post 3.08 EPS for the current fiscal year.

Silicon Motion Technology Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, August 21st. Investors of record on Thursday, August 7th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date of this dividend is Thursday, August 7th. Silicon Motion Technology's dividend payout ratio is presently 83.97%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. GAMMA Investing LLC grew its stake in Silicon Motion Technology by 118.3% in the 2nd quarter. GAMMA Investing LLC now owns 976 shares of the semiconductor producer's stock valued at $73,000 after purchasing an additional 529 shares during the period. Parallel Advisors LLC grew its stake in shares of Silicon Motion Technology by 61.8% during the 1st quarter. Parallel Advisors LLC now owns 1,152 shares of the semiconductor producer's stock worth $58,000 after acquiring an additional 440 shares during the period. Menard Financial Group LLC bought a new position in shares of Silicon Motion Technology during the 4th quarter worth $88,000. Signaturefd LLC grew its stake in shares of Silicon Motion Technology by 79.3% during the 1st quarter. Signaturefd LLC now owns 1,664 shares of the semiconductor producer's stock worth $84,000 after acquiring an additional 736 shares during the period. Finally, Blue Trust Inc. boosted its stake in Silicon Motion Technology by 53.3% in the 2nd quarter. Blue Trust Inc. now owns 2,026 shares of the semiconductor producer's stock worth $152,000 after purchasing an additional 704 shares during the period. Institutional investors own 78.02% of the company's stock.

About Silicon Motion Technology

Silicon Motion Technology Corporation, together with its subsidiaries, designs, develops, and markets NAND flash controllers for solid-state storage devices. The company offers controllers for computing-grade solid state drives (SSDs), which are used in PCs and other client devices; enterprise-grade SSDs used in data centers; eMMC and UFS mobile embedded storage for use in smartphones and IoT devices; flash memory cards and flash drives for use in expandable storage; and specialized SSDs that are used in industrial, commercial, and automotive applications.